Issue - meetings

In accordance with the Council’s Financial Procedure Rules the report and accompanying information details actual Revenue and Capital Outturn for the year ended 31 March 2022, subsequent adjustments made in light of the Outturn position and, in the light of the current economic situation, also sets out how the Medium Term Financial Strategy and Savings & Transformation Strategy might be impacted moving forward.

Due to its size the Revenue and Capital Outturn booklet (Annex 1) is attached as a supplement

(Joint report of Chief Executive and Director of Finance and Transformation)

In accordance with the Council’s Financial Procedure Rules, consideration was given to information detailing actual Revenue and Outturn for the year ended March 2022. Subsequent adjustments made in light of the Outturn position were also considered.   In addition,  the report set out how the Medium Term Financial Strategy and the Savings and Transformation Strategy might be impacted by the current global economic situation.

Despite a positive outturn position, the Borough Council continued to face a difficult and challenging financial outlook which was exacerbated by the conflict in Ukraine and its impact on global economic conditions.   The high level of inflation could worsen and these levels had not been reflected in the last local government finance settlement.  Whilst it was difficult to predict the financial impact on the Borough Council it was possible that the ‘funding gap’ could now sit between £2.5m and £3.0m, although it could be more.

Concern was expressed in respect of the significant challenges faced by the Tonbridge and Malling Leisure Trust as a result of rising energy prices.  The Cabinet welcomed the setting aside of £500,000 to support energy efficiency measures and it was hoped that renewable energy sources could be considered at Borough Council facilities.

The Cabinet resolved: That

(1)             the Revenue and Capital Outturn for the year 2021/22 be noted and endorsed;

(2)             the action taken following a review of specific earmarked reserves, set out at paragraph 1.2.3, be noted and endorsed;

(3)             the Treasury Management and Investment Strategy Review 2021/22, (as set out at Annex 4) be noted and endorsed;

(4)             in order to ensure that the target of £350,000 is achieved by the start of the financial year 2023/24, a comprehensive report detailing all strands of work being undertaken in respect of the Savings and Transformation Strategy, including progress being made on achieving targets and outcomes be presented to Cabinet in November 2022; and

(5)             in respect of the significant external factors of high energy prices, the Borough Council should write to central government adding its support to calls for financial support for the public sector leisure industry and seeking grants for renewable energy sources.

Decision Number: D220053CAB

In accordance with the Council’s Financial Procedure Rules, consideration was given to information detailing actual Revenue and Outturn for the year ended March 2022. Subsequent adjustments made in light of the Outturn position were also considered.   In addition,  the report set out how the Medium Term Financial Strategy and the Savings and Transformation Strategy might be impacted by the current global economic situation.

Despite a positive outturn position, the Borough Council continued to face a difficult and challenging financial outlook which was exacerbated by the conflict in Ukraine and its impact on global economic conditions.   The high level of inflation could worsen and these levels had not been reflected in the last local government finance settlement.  Whilst it was difficult to predict the financial impact on the Borough Council it was possible that the ‘funding gap’ could now sit between £2.5m and £3.0m, although it could be more.

Concern was expressed in respect of the significant challenges faced by the Tonbridge and Malling Leisure Trust as a result of rising energy prices.  The Cabinet welcomed the setting aside of £500,000 to support energy efficiency measures and it was hoped that renewable energy sources could be considered at Borough Council facilities.

RESOLVED: That

(1)             the Revenue and Capital Outturn for the year 2021/22 be noted and endorsed;

(2)             the action taken following a review of specific earmarked reserves, set out at paragraph 1.2.3, be noted and endorsed;

(3)             the Treasury Management and Investment Strategy Review 2021/22, (as set out at Annex 4) be noted and endorsed;

(4)             in order to ensure that the target of £350,000 is achieved by the start of the financial year 2023/24, a comprehensive report detailing all strands of work being undertaken in respect of the Savings and Transformation Strategy, including progress being made on achieving targets and outcomes be presented to Cabinet in November 2022; and

(5)             in respect of the significant external factors of high energy prices, the Borough Council should write to central government adding its support to calls for financial support for the public sector leisure industry and seeking grants for renewable energy sources.